Business Bay In Dubai - The Next Global Commercial Hub
- Date: 2008-10-07 - Word Count: 409
Share This!
When Sheikh Mohammed Al Maktoum outlined his 'Vision of Dubai,' an integral part of the process was to reduce the reliance of Dubai on its traditional oil revenues, and to turn it into one of the world's primary business and financial centres. Dubai's strategic location, between the global superpowers of the west and the east, offered Dubai an opportunity to become a true global business and commercial hub. Unhindered by an ageing infrastructure the Vision of Dubai outlined an ambitious plan to build a new city, which would in time become one of the world's largest business and financial centres. At the very heart of that plan was the new development in Business Bay, and the plan to turn it into the main business centre of the modern day Middle East.
The master plan for Business Bay saw it as a 'city within a city.' A financial centre of the Middle East, to sit alongside the trading centres of Manhattan, Ginza and the Square Mile in New York, Tokyo and London. Business Bay was to become a regional home for some of the world's largest corporations. The very scale of the Business Bay plan is indeed inspiring, a development which saw the Dubai Creek dredged for an extra 11 kilometres towards the coast to create the new Business Bay area. When it is completed in 2010, Business Bay will be home to over 230 towers and will cover over 64 million square feet, housing some of the world's largest companies.
Central to the commercial appeal of Business Bay is its free trade zone status, ensuring highly favourable trading conditions for all companies and employees who reside there. Previous free trade zone developments in Dubai including Dubai Media City and Dubai Internet City have proven highly successful in previous years at attracting major corporations to the emirate. This free zone status, coupled with the high tech nature of the developments and the strategic location has resulted in a large number of companies already purchasing office space in Business Bay.
In the ancient past, the prosperity of Dubai relied heavily on the waters of the Dubai Creek, and traders from all over the world would come here to trade in a variety of different produce. Given the impending global emergence of Business Bay, it seems that this will once more become the case, as international companies from all over the world base themselves in the Middle East's most important commercial centre.
The master plan for Business Bay saw it as a 'city within a city.' A financial centre of the Middle East, to sit alongside the trading centres of Manhattan, Ginza and the Square Mile in New York, Tokyo and London. Business Bay was to become a regional home for some of the world's largest corporations. The very scale of the Business Bay plan is indeed inspiring, a development which saw the Dubai Creek dredged for an extra 11 kilometres towards the coast to create the new Business Bay area. When it is completed in 2010, Business Bay will be home to over 230 towers and will cover over 64 million square feet, housing some of the world's largest companies.
Central to the commercial appeal of Business Bay is its free trade zone status, ensuring highly favourable trading conditions for all companies and employees who reside there. Previous free trade zone developments in Dubai including Dubai Media City and Dubai Internet City have proven highly successful in previous years at attracting major corporations to the emirate. This free zone status, coupled with the high tech nature of the developments and the strategic location has resulted in a large number of companies already purchasing office space in Business Bay.
In the ancient past, the prosperity of Dubai relied heavily on the waters of the Dubai Creek, and traders from all over the world would come here to trade in a variety of different produce. Given the impending global emergence of Business Bay, it seems that this will once more become the case, as international companies from all over the world base themselves in the Middle East's most important commercial centre.
Related Tags: property, finance, investment, real estate, business, dubai, commercial, office space, middle east, offices
Mark Burns is a Partner at the Property-Dubai.tv website, a real estate consultancy offering a wide range of property in Dubai as well specialising in office space in Business Bay. Your Article Search Directory : Find in Articles
Recent articles in this category:
- The Importance of Your Garden When Selling Your Home
Over 80% of buyers have reported that having an outside area or garden is the most important feature - Living in San Anselmo, California
If you are looking at real estate in the San Anselmo California area, you may be in for an experien - Business, The Advantages Of Purchasing A Home In Miami Through A Realtor
There are plenty of homes to purchase in Miami real estate, and having one in the city is sure t - Huntsville Alabama Real Estate Historic Points
Historic Five Points is one of the coolest neighborhoods in Huntsville Alabama real estate. Located - Things To Consider Before Buying A Plymouth Real Estate Property
Buying a Plymouth real estate propertyAn important aspect in buying a house is the location. If your - Purchasing a House - What You Will Need
You have finally decided to own a house. However, you can be unsure of what to do. The scariest thi - Craigslist Rental Real Estate a Target for Scam Artists
If you've bought a rental property and are advertising it on Craigslist or other online classifieds - Stop Mortgage Foreclosure - Improve Your Chances With These Simple Strategies
Your property will be subjected to mortgage foreclosure if you failed on the monthly payments of you - Stop Home Foreclosure - Follow These Simple Steps
Mortgage foreclosure issues are nightmares. Getting a barrage of notices from the legal department o - What Is A Trustee's Sale?
Previously, the steps that a lender can undertake the moment mortgage foreclosure has started were e
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer - New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati - Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym - Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours - The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro - Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing - Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad - Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any - Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t - The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv
